Keep or Trade? – One year later…

Hello Forum!

A year ago, I solicited your opinion on whether to trade-in my 2009 Tacoma TRD Off-Road (2G) for a new 3G Tacoma TRD. Most of you felt I should stand down and save my money (some of the 3G forum people told me to take the leap if I wanted). One year later, I still have my truck but now there have been some changes since that post.

My truck now has 189,000 miles. The last time I went in for my lifetime free oil change, the dealer reported that the rack and pinion is getting worse (it’s been slowly leaking power steering fluid). They also reported that I need rear shocks (rust), battery, tune-up, serpentine belt, and several fluid exchanges. I took care of the belt and the fluid exchanges (at Pep Boys with coupons, not the dealer) already. The rack and pinion, shocks, and battery could run a couple gran I guess but I could put them all off until later in the year. In my last post, I reported that the clear coat was peeling on the hood and roof and the paint underneath starting to fade.

Meanwhile, inventory is up and a local Toyota dealer is selling for $1500 under MSRP now. Toyota financing is currently 3.49%.

I still like my current truck at lot and it runs fine (though the transmission has been slipping some for the last number of years). There are no loan payments and has cost me only gas and regular maintenance since I bought it almost 14 years ago! Should I fix the rack and pinon and expect it to get me another 5+ years or should I cash in my truck’s trade value and get a new one? It’s hard to justify a new truck and a monthly payment unless buying one now will pay off later. Thoughts?

 

The best advice I could give is; list it for sale at a high price, and see if someone buys it. If not, keep lowering until you (and only you can decide) it’s worth more to you. I mean, how much you can get for it really is, or should be, a large part of the equation.

 

I would drive it to the ground. Replace the rack and keep driving it.

 

Drive it till the wheels fall off, or new car prices come down 20%. You can buy plenty of good used parts for that truck, the transmission too.

Keep trucking, now is not a good time to buy.

 

If 2023 is the last year for the 3rd generation Tacoma and you don't like the engine choices for the 4th generation, you may want to get one this year.

 

Did you ever get the transmission fluid changed/flushed/exchanged?
A new or rebuilt trans is still cheaper than a new vehicle.

Unless there's something that you're missing on yours (4x4, power seats, all the nanny crap, etc) that you really want I'd still say hang onto that!
I had a 1993 pathfinder before the 17 taco, but at that time I was looking for a used 12-15 but they were selling for not much less than what I bought.

 

14 years and no payments for what, 10+ years?... Prices for 2023's stable or going down you say?

I'd run to the dealer and get one of those. 1.9%, 3.49%.... that equates to about $20 a month who cares about the interest rate.
I'd sell your current truck with full disclosures, drop another $10,000+ down on the new one and ride into the sunset.

 

Keep your current truck and buy a new one. Two trucks are better than one...

 

Tough to answer the question not knowing your financial situation. What bills do you have, do you have a family, what is your debt to income ratio, what are your financial goals, how much do you drive your truck, etc..
It's a good time to buy but, it's always a good time to save money. Sleep on it and make good financial decisions and live with your decision. You can fix a lot of issues on your current truck for the price of a new one, you'll know when it's time.
Best of luck

 

Sounds like a new truck is wanted and needed given the slipping trans and power steering issues. If you can swing the cost of a new truck without having to jeopardize your finances I'd go for a new one.

 

whenever someone has a long history of taking care of a vehicle, the repairs are normal and do not cost more than the vehicle is worth, and the vehicle has some decent remaining life, i suggest fixing and keeping it.

if it continues to give you problems, you can always sell it and get a certified used Gen 3 or a new Gen 4 after they get the bugs worked out.

 

With that many miles I’d keep it unless you could sell it privately for way more than trade in.

if I had to do things over I’d dump a truck every 75-90k and get a new one every 1.5 years or so. My 18 has 311k on it now

 

Dang, son! You are burning up the roads.

 

Trade it in and get a 2023.

once major problems start, they don’t stop

 

Yeah, no shit. I have 270k on my '02, and it's a daily driver.

Dude is putting in some serious windshield time.

 

Not sure what you mean by "pay off later". Even though these trucks hold their value better than most, it's difficult from a financial standpoint to say that buying a depreciating asset will "pay off", especially an asset where the loss of market value is front loaded. Only you know your finances, so the decision is really yours. You can either make a loan payment every month or pay to keep your existing truck on the road. My guess is it will boil down to do you want a new truck? If you do then get one. What any of us think really doesn't matter.

 

I’d sell outright and put that cash down on a new one. If you’re in a position where you have to finance TFS recently threw out decent rates compared to everything else. I have 2.49 for 48 and only financed $20k. You can overpay and have it paid off in 3 years then be in a truck 14 years newer with no issues.

No matter what, the new truck will cost you more though, even if you sink $4,000 into your current truck. Also keep in mind spending $4,000 in repairs doesn’t make your truck worth $4,000 more so there’s that too.

 

This:
Also keep in mind spending $4,000 in repairs doesn’t make your truck worth $4,000 more so there’s that too.

4,000 one time is like a new truck payment for 1 year. ( given decent down payment )
If the current truck needs more repairs in 2 years at 4,000 that's another year of payments.
By that time you are practically home free on a 2023.

I owe less than 9k on my 2021 and will probably pay it off in a few months, depends on how much I owe the IRS.

 

I was sort of in the same position as you 1 year ago. I had a 2001 tundra with 240K. I was 61 and knew I wanted to retire at 66. It was not if I needed a new truck but when. I hopefully can work and pay this off by the time I retire so I do not have a truck payment. Maybe the truck will out live me.

 

Sounds like many here just buy and recommend spending thousands on a depreciating asset to keep up with the Jones’s. You are always better off keeping what you’ve got.